Review on GXChain by Serkan Özdemir
GXChain
Hi everyone, today I'm going to be talking about GXChain, which is building use cases for the data economy.Within the past decade, the internet has rapidly developed and now plays an integral part in our everyday lives. We use it for connecting with friends, playing games, listening to music, watching movies, shopping online, banking, applying for jobs, etc.
There are so many companies that rely on the internet to provide customers with their products and services and they all require customers to sign up, login and provide personal identifying information.
This has led to the development of the controversial data economy, in which companies and large corporations track, collect, analyze, and sell data that is connected to us.
First being the controversy of data ownership. Does all of this collected data belong to its producer (individuals on the internet) or does it belong to the corporations who collect it?
The problem is, the internet ecosystem hasn’t adopted a simple and effective way for users to manage and take ownership of their data. Instead, centralized corporations control, manage, and exploit our data and this poses a real threat to personal data security and privacy – which is the second problem.
Recently, centralized organizations have suffered many data scandals and breaches, such as the Equifax data breach, and Facebook– Cambridge Analytica data scandal. Our data is not safe under the control of corporations.
Thirdly, the data economy suffers from fake data. It’s difficult to identify the authenticity of data which significantly impedes social collaboration.
GXChain is a fundamental blockchain for the global data economy, designed to build a trusted data internet of value. The purpose of GXChain’s blockchain technology is to solve problems in the data economy, including ownership, security, authenticity, and lack of incentive.
The team behind GXChain is working to solve these problems by offering blockchain-based solutions for enterprises that engage in network loans, automobile finance, personal loans in internet finance and banks.
They also provide industrial-level data exchange solutions for government institutions and industries requiring secure and authentic data exchange, such as insurance, medical care, and logistics.
The GXChain blockchain possesses functions including G-ID, GVM, BaaS, and BlockCity, which aid in the development of decentralized applications
Pros
- It uses smart contracts for greater precision in the execution of its operations.
Cons
- The value of the digital currency is variable and volatile.
